Report predicts energy demands will rise faster than expected

A report by the International Energy Agency predicts energy demand in the world will rise faster than previously forecast.

Transcript

ALI MOORE: From horse racing to energy and a report released tonight in London has highlighted how difficult it will be for the world to reduce greenhouse gas emissions. The International Energy Agency expects energy demand to rise faster than previously forecast, up 53 per cent between now and 2030, with more than two thirds of this demand coming from developing countries led by China and India. It says by 2009 China will overtake the United States as the biggest emitter of carbon gases. Fossil fuels will continue to dominate over the next 25 years, demand for oil will rise from 84 million barrels a day last year to 99 million barrels a day by 2015 and 116 million by 2030 with potential supply disruptions making prices volatile. Against that backdrop the IEA has urged an acceleration of the development of nuclear power producing electricity for less than five US cents a kilowatt hour. The IEA's predictions are used by governments and energy industries the world over as a pointer to what's ahead. They come just a week after the Stern report suggested global warming would cause devastation within a relatively short period of time.